First Interstate BancSystem announced the concurrent signing of two separate definitive merger agreements. Under one agreement, First Interstate will acquire Idaho Independent Bank, headquartered in Coeur d'Alene, Idaho. Under the other agreement, First Interstate will acquire Community 1st Bank, headquartered in Post Falls, Idaho. Upon completion of each acquisition, the banks will merge into First Interstate Bank, a wholly-owned subsidiary of First Interstate. Founded in 1993, IIB is a full-service community bank, with approximately $725 million in assets, $362 million in loans, $610 million in deposits, and $69 million in shareholders' equity at June 30, 2018. IIB operates 11 branches throughout Idaho, with a large presence in both the greater Boise-Nampa area and the Coeur d'Alene markets. CMYF has three locations in North Idaho with $130 million in assets, $78 million in loans, $116 million in deposits, and $13 million in shareholders' equity at June 30, 2018.
